(Progress of Disclosed Matters)
Notice of Preparation for IPO of U.S. Subsidiary REALM IDx, Inc.
May 10, 2023
To whom it may concern,
Company Name: Konica Minolta, Inc.
Representative: Toshimitsu Taiko, President and CEO
Stock Exchange Listing: Tokyo Prime Market
Local Securities Code Number: 4902
Contact: Miwa Okamura, Corporate Senior Vice President, General Manager, Corporate Communications Division
Tel: (81) 3-6250-2111
Konica Minolta, Inc. (the “Company”) announced, on November 2, 2021, that its U.S. subsidiary, REALM IDx, Inc., (REALM IDx) headquartered in California, USA and operating as a holding company for the Precision Medicine business, was preparing for an IPO to the U.S. stock market. From the beginning, REALM IDx continued such preparations, while closely monitoring developments in the U.S. stock market. In light of the market conditions thereafter, REALM IDx has been weighing when the time is right (announced on November 2, 2022).
At the start of fiscal year ended March 31, 2023, the Company shifted its focus of the business to profitability, and REALM IDx optimized human resources and cut down on expenses, mainly in the first quarter. These efforts resulted in the achievement of turning a profit in the fourth quarter at each of Ambry Genetics Corporation (Ambry) - a genetic testing company - and Invicro, LLC (Invicro) – a pharmaceutical development support company. This business has substantial social value and the potential for long-term growth. However, recognizing the requirement to continue investments for growth, and considering the Company’s current financial status, the Company has decided to proceed with the deliberation of strategic options, including the transfer of business to a third party, to accelerate the growth of the business, in addition to the listing on the U.S. stock market that has been in preparation.
About REALM IDx
REALM IDx is a consolidated subsidiary in the United States with Ambry, Invicro and KONICA MINOLTA REALM, Inc. that operates the business in Japan, as its wholly-owned subsidiaries.
|Name||REALM IDx, Inc.|
|Address||1 Enterprise, Aliso Viejo, CA 92656 U.S.A.|
|Representative||CEO, Dr. Aaron Elliott|
This announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended ("Securities Act"). This announcement is being issued in accordance with Rule 135 under the Securities Act.